Confidence edges up

NEW YORK - Consumers were feeling confident in January: The job market was chugging along and oil prices were down. Their optimism may dwindle, however, on concerns that job and wage growth may slow.

The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index edged up to 110.3 in January from a revised 110.0 in December.

Analysts had expected a reading between 110.0 and 110.5.

The January index was the highest in five years, suggesting that consumers will continue to be the engine behind the nation's economic growth in coming months.

At the same time, a measure of consumer expectations for the next six months dropped to 94.5 in January from 96.3 the month before.

Lynn Franco, director of the board's consumer research center, said that "looking ahead ... consumers are not as optimistic as they were in December." As a result, the index suggests just "moderate improvement" in economic growth in early 2007.